5th February (Issue 182)
Welcome to the Origin Capital Weekly Irish Property Review. This update is designed to provide you with a full recap of the latest property news from the media over the last seven days.
LICENCED PREMISES / HOTELS
178-Bed Hotel, Portobello, Dublin 8 MKN Property Group and Tifco Ltd have been granted planning permission for a €40m, 178-bed hotel located in Portobello. There was almost 60 objections to the application, including an Bord Pleanála’s own inspector. Objections were raised regarding the height, scale, form and design. The appeals board noted the development would integrate into the urban setting and did not “injure the character of Portobello House”. The Irish Times, 30th January
71-Bed Hotel, Donnybrook, Dublin 4 An Bord Pleanála have approved plans for a six storey, 71-bed hotel in Donnybrook. Planning was lodged in early 2018 by investment firm Kouchin. The Irish Independent, 1st February
9 Hanover Quay Harry Crosbie has been refused planning permission to convert his own house at 9 Hanover Quay to a 4 star, 19-bed hotel. It was intended that the hotel would complement the U2 visitor centre on an adjacent site, which obtained planning permission last week. Planning was refused on the basis that the public would not be given access to the waterfront at the hotel. The Irish Times, 30th January
OFFICE
DIT, 6-12 Sackville Place, Dublin 1 will be sold by tender through Lisney on 6th March. The guide price is €5m. The buildings are located between O’Connell Street and Marlborough Street and comprises 21,571 sq.ft. mid terraced, mainly four storey over basement. The Sunday Business Post, 3rd February
Infinity Building, Smithfield, Dublin 7 a 125,206 sq.ft. office building, which was bought for €28.65m (€237 psf) in April 2015 has been sold by its Norwegian Investor for €57m (€455 psf) in an off market deal, representing a 99% increase in four years. €5m capex was spent on the property in the period. The property produces annual rental income from Hiqa, DPP, OPW and the Law Society of €3.18m (5.18% NIY). Colliers represented the vendor, Cushman & Wakefield represented the purchaser. The Irish Times, 30th January
73 North Wall Quay, Dublin 1 Molloy & Sherry Logisitics have been granted planning permission for a 39,825 sq.ft. nine storey over basement building, comprising retail on the ground floor and office across eight floors at 73 North Wall Quay. The office element has a lettable area of 23,185 sq.ft. Recent lettings in the vicinity include Saleforce’s letting of 430,000 sq.ft. at Spencer Place and WeWork’s letting of 99,513 sq.ft. at Dublin Landings. The Irish Times, 30th January
Kildare Street, Dublin 2 Kennedy Wilson have commenced works on their €40m, seven storey office block located behind Georgian properties on Kildare street. Works are due to be completed by 2021. The Sunday Times, Irish Edition, 3rd February
51-54 Pearse Street and Magennis Court, Dublin 2 have been brought to market guiding €27m by Knight Frank. The properties produce an annual rental income of €1.32m (4.5% NIY) but market rent is closer to €1.7m which would equate to a 6% NIY. 51-54 Pearse Street is a 25,619 sq.ft. refurbished Georgian property to the front linked by a glazed atrium to a modern six storey office block at the rear and includes 10 car spaces. Magennis Court is a grade A 17,490, sq.ft. five storey office block. The Irish Times, 30th January
Sales Force Tower, Spencer Dock, Dublin 1 Ronan Real Estate Group and Colony Capital have submitted plans to Dublin City Council to add an additional two floors totalling 100,000 sq.ft. to the Sales Force Tower at Spencer Place, to bring the building to ten stories. It follows the Minister for Housing’s decision to lift of the caps on maximum heights of buildings in towns and cities in December 2018. The Sunday Business Post, 3rd February
HWBC Dublin Office Market Review notes that demand for large scale office space in excess of 100,000 sq.ft. is masking the decline in demand for smaller spaces in the market with spaces less than 30,000 sq.ft. slow to fill. HWBC forecast prime office rents will remain at €60-€65 psf, a sign the market is maturing. In Dublin suburban areas, rents are expected to pass €32 psf and peak at €35 psf. The Irish Independent, 1st February
INDUSTRIAL
Unit 1, Dublin Airport Logistics Park Iput have commenced €3m refurbishment works at Unit 1, to enable the property to be ready for occupation by Summer 2019. Iput recently acquired the 184,886 sq.ft. vacant property for €19m. William Harvey will be the letting agent. The Irish Times, 30th January
2.31 Acre Site, Baldonnell Business Park, Dublin 22 Savills are guiding €1m (€432.9k per acre) for a 2.31 acre industrial site located at Balldonnell Business Park. The site is zoned EE which allows for low-to-medium intensity enterprise and employment uses such as high-tech manufacturing. The Irish Times, 30th January
RESIDENTIAL / LAND
Hazelbrook Square, Churchtown, Dublin 14 54 apartments at Hazelbrook Square, comprising 22 one-bed, 28 two-bed and four three-bed, were sold for c €18.25m by Cushman & Wakefield on behalf of NAMA. It is understood an overseas investor purchased the portfolio through sales agent TWM. Rental income at the time of sale was €896,000 (4.9% GIY) but had the potential to increase to €1.18m (6.4% GIY). The Irish Independent, 1st February
Nine Apartments, Printworks, Bray Bagnall Doyle MacMahon have brought a portfolio of nine apartments at the Printworks Bray to market guiding €1.55m (6.53% NIY / €172k per apartment). The apartments generate €105,120 which could rise to €150,000 when two of the vacant units are let. The apartments range in size from 570-775 sq.ft. and form part of a 45 unit complex. The Irish Times, 30th January
Fairways Apartments, Cualanor, Dun Laoghaire The Irish Independent reports that there are offers in excess of €100m from six bidders for 214 apartments currently under development by the Cosgraves in Dun Laoghaire. Hooke and MacDonald brought the portfolio to market in November guiding €95m. The Irish Independent, 31st January
1.25 Acre Site, Blackrock, Co Dublin Cushman & Wakefield are guiding €9m (€7.2m per acre) for the former Europa Motors 1.25 acre site located at the corner of Maretimo Terrace and Newtown Avenue in Blackrock. The site has planning for 51 residential units including 11 one-bed, 31 two-bed apartments and nine three-bed houses. The site previously transacted for €7.5m in 2015. The Irish Times, 30th January
Naas Road, Dublin Property company Development 8 are in discussions with An Bord Pleanála regarding a potential build to rent scheme on lands at the Concorde industrial estate on the Naas Road. The proposed development would include 492 residential units. The Sunday Times, Irish Edition, 3rd February
2.25 Acre Site, Blanchardstown, Dublin 15 Coonan Property are guiding between €3m and €3.5m (€1.55m per acre) for a 2.25 acre site located at the heart of Blanchardstown Village, Dublin 15. The site is zoned ‘Town Centre’ and ‘High Amenity’ in the 2017-2023 Fingal Development Plan. ‘Town Centre’ aims “to protect and enhance the special physical and social character of town and district centres and provide and/or improve urban facilities” while the ‘High Amenity’ aims “to protect and enhance high amenity areas”. The Irish Independent, 31st January
Capital Dock, Dublin Docklands Two bedroom apartments in Ireland’s tallest building will range from €3,500 to €4,000 per month or €20,000 per month for the 22nd floor penthouse. The development incorporate 700,000 sq.ft. across 22 floors including 190 apartments and two neighbouring office blocks. The Irish Times, 30th January
0.63 Acre Moores Hotel and AOH Hall, Cork was sold for over €7m (€11m per acre). The combined site is located off South Mall and was sold by ERA Downey McCarthy. The Irish Examiner, 31st January
7 Acre Site, Castletroy, Limerick Costelloe Estate Agents are guiding €2.5m (€357k per acre) for a 7 acre site located at Singland, Castletroy, Limerick. The site has planning for 98 residential units comprising 54 three-bed semis, 15 two/three-bed houses and 29 apartments. The Irish Times, 30th January
30 Acre Site, Ratoath, Co. Meath Knight Frank are guiding €7.5m (€250k per acre) for a c 30 acre site on Fairyhouse Road, Ratoath, Co Meath. The majority of the site is zoned residential. The Sunday Business Post, 3rd February
16 Apartments, College View & Gateway Mews, Dublin 11 Bagnall Doyle MacMahon have brought a portfolio of 12 apartments at College View Ballymun, Dublin 11 to market guiding €1.55m (€129,166 per apartment). The same agent is also guiding €625k for four town houses at Gateway Mews just off the Ballymun Road. The Irish Times, 30th January
LOAN SALE
Project Beech, AIB Loan Sale the Irish Times reports that Lone Star Funds and Cerberus are reported to be amongst parties that have progressed through to the next stage of the AIB Project Beech Loan Sale. It is anticipated that the next stage will commence in February with the transaction expected to complete in quarter two. The portfolio with a par value of more than €3bn comprises mainly mortgages and business loans. The Irish Times, 31st January
OTHER
BidX1 February Auctions are taking place on 20th and 21st February. C240 lots with a combined value of €40m will be auctioned online.
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